REPUBLIC ACT NO. 4370 - AN ACT TO AMEND SECTION EIGHT OF REPUBLIC ACT NUMBERED FOUR HUNDRED SEVENTY-SEVEN. (RE: ALIEN PROPERTY ACQUIRED UNDER PHILIPPINE PROPERTY ACT).

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Section eight of Republic Act Numbered Four hundred seventy-seven is hereby amended to read as follows: "SEC. 8. Except in favor of the Government or any of its branches, units, or institutions, and of any church, sect or denomination for its church and/or cemetery site, land acquired under the provisions of this Act or any permanent improvements thereon shall not be subject to encumbrance or alienation from the date of the award of the land or the improvements thereon and for a term of ten years from and after the date of issuance of the certificate of title, nor shall they become liable to the satisfaction of any debt contracted prior to the expiration of such period.

"Any occupant or applicant of lands under this Act who transfer whatever rights he has acquired on said lands and/or improvements thereon before the date of the award or signature of the contract of sale, shall not be entitled to apply for another piece of agricultural land or urban, homesite or residential lot, as the case may be, from the National Abaca and Other Fibers Corporation; and such transfer shall be considered null and void." SEC. 2. This Act shall take effect upon its approval.

Approved, June 19, 1965.